The Republican. [volume] (Oakland, Md.) 1877-current, 1887-07-02
Business Barometer.

BUSINESS Barometer.
New YORK, June 24.-R. G. Dun
& Co., in their weekly review Of
trade, says: The failure of the FL
deity Bank, of Cincinnati, with such
evidence of rottenness aud frauds
that three officials haye been locked
up on criminal charges is the natural
fruit of the wheat corner, but it has
disturbed business during the past
week quite extensively. The pros
poets that depositors may recover
nothing, that more than eighty other
banks which deposited there will
have losses to bear, and that the frau
dulent rehypothecation of collaterals
for loans will entangle the resources
of many who had nothing to do with
the wheat operation, makes the dis
turbance felt in many quarters.
These events justify the precautions
advised for weeks past in this review
with respect to the probable failure
of the wheat corner and its conse-
quences. Withdrawal of funds from
New York to meet immediate needs
West has caused temporary stringent
cies here which speculators have
magnified, but foreign exchanges so
near the shipping point and the sup
ply of unused funds abroad is so
large that relief would come quickly
if the needs should become serious.
Moreover large disbursements by the
Treasury in July are close at hand.
In half yearly settlements in the
struggle to liquidate enormous spec
ulations and in preparation for the
summer dullness, however, there
may be some pressure for money
during the remaining days in June.
AT nearly all other points money is
reported in good supply.
General reports of business at near
ly all points are highly encouraging,
and the increasing prospect of good
crops add to the prevailing conf
dence. Collections are generally fair
or good, and the volume of business
large for the season. The dry goods
trade is comparatively inactive, as
usual at this period, but considera BILE
movement after July l is anticipated
Mems wooden goods are decidedly
dull. but in dress goods and fiannels
the trade is fair. Cotton has un-
changed in the main, but print cloths
are quoted at 1925 with large sales.
The liquidation in cotton proceeds
slowly, but prices have declined &c
for the week.
Wheat has fallen about cents.
though partial corner in June still
makes quotations here 6 cents or
more above those for July.
Pork products yield little better,
though still held at Chicago above
the level elsewhere.
In the stock market liquidation has
been the feature. Distrust of parties
and securities thought to be even re-
motely connected with the Cincin-
natl speculation is obvious and there
is less confidence as to the effects of
the Interstate act. Heavy increase
in shipment by lake and canal is re.
ported, and the enforcement of the
law threatens to stop manufacturing
and mining at numerous points.
Under all the circumstances the
strength of the market is surprising,
especially when it is remembered
that new securities for several hun
dred millions have been listed this
year.
The corn market waits the outcome
of the labor contests. Building seems
to have been checked a little, hut the
present demand for iron and steel
products seem better. Other labor
contests are disappearing.
Real estate at the West is still I'M
usually active, and though the bloom
is off the boom, so to speak. no Wis.,
ible reaction in prices is to be expec-
ted at present.